US President Joe Biden on May 23, 2022 launched the Indo-Pacific Economic Framework for Prosperity in presence of India’s Prime Minister Narendra Modi at an event in Tokyo. The event saw the presence of Prime Minister of Japan Kishida Fumio, as well as the virtual presence of leaders of other partner countries viz. Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.
A Joint Statement was issued on the occasion, which highlights the key elements envisaged within the IPEF.
The IPEF seeks to strengthen economic partnership among participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.
In his comments during the launch ceremony, Modi said that the announcement of IPEF is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth. India has historically been at the centre of trade flows in the Indo-Pacific region, having the world’s oldest commercial port in Lohtal, Gujarat. Prime Minister called for finding common and creative solutions to tackle economic challenges of the Indo-Pacific region.
He expressed India’s commitment towards working with all Indo-Pacific countries for an IPEF which is both inclusive and flexible. He underlined that the foundation of resilient supply chains must be 3T’s – Trust, Transparency and Timeliness.
India is committed to a free, open, and inclusive Indo-Pacific region and believes that deepening economic engagement among partners is crucial for continued growth, peace, and prosperity.
With the launch the partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals.
